September Market Review

Home Sales Exceed The 10-Year Average For September

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,922 on the MLS® in September 2014. This represents a 17.7% increase compared to the 2,483 sales in September 2013, and a 5.4% increase over August 2014. 

Last month’s sales were 16.1% above the 10-year sales average for the month and rank as the third highest selling September over that period. New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,259 in September. This represents a 4.6% increase compared to September 2013 and a 33.5% increase from the 3,940 new listings in August. 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,832, an 8% decline compared to September 2013 and a 0.4% increase compared to August 2014. 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $633,500. This represents a 5.3% increase compared to September 2013.

Sales of detached properties in September 2014 reached 1,270, an increase of 24.1% from the 1,023 detached sales recorded in September 2013, and a 113.8% increase from the 594 units sold in September 2012. The benchmark price for detached properties increased 7.3% from September 2013 to $990,300. 

Sales of apartment properties reached 1,188 in September 2014, an increase of 16.7% compared to the 1,018 sales in September 2013, and a 75.7% increase compared to the 676 sales in September 2012. The benchmark price of an apartment property increased 3.3% from September 2013. 

Attached property sales in September 2014 totalled 464, a 5% increase compared to September 2013, and an 88.6% increase over the 246 attached properties sold in September 2012. The benchmark price of an attached unit increased 4.2% between September 2013 and 2014 to $477,700.